Chart EUR/JPY Update: Cautious trade
Little change, as prices extend cautious trade above congestion support at 180.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 182.70 | ** | 50% ret of Jul-Sep fall | S1 | 180.00 | ** | congestion | |
| R3 | 182.00 | * | break level | S2 | 179.50 | range highs | ||
| R2 | 181.55 | ** | 38.2% ret of Jul-Sep fall | S3 | 177.85/00 | * | 9 Sep (w) low; cong | |
| R1 | 181.00 | * | congestion | S4 | 177.50 | * | congestion |
Asterisk denotes strength of level
14:20 BST - Little change, as prices extend cautious trade above congestion support at 180.00. Intraday studies are under pressure, highlighting room for a test beneath here. But rising daily readings should limit scope in renewed buying interest/consolidation above the 179.50 range highs. A close beneath here, however, will add weight to sentiment and extend losses into fresh consolidation above congestion around 178.00.
Meanwhile, resistance remains at congestion around 181.00. A break above here will open up the 181.55 Fibonacci retracement. But mixed weekly charts could limit any initial tests in profit-taking/consolidation.